Tuesday, February 13, 2018

The Integrated Resorts Cyprus Consortium (IRCC) launched on Monday the official website of City of Dreams Mediterranean, the €550-million casino resort currently under development in the Republic of Cyprus.

The website contains information about the project and future job opportunities as well as a section dedicated to the vibrant Mediterranean nation that will be home to the resort.

The complex is expected to be launched in 2021. It will feature a casino with 1,200 slot machines and 136 gaming tables, a five-star hotel with 500 rooms and luxury villas, 11 food and beverage facilities, and over 100,000 square feet of meeting, convention, and exhibition space.

The project has been touted as the largest one of its kind in Europe. As mentioned above, developers are planning to invest over €550 million in completing the major integrated resort scheme.

The City of Dreams Mediterranean project is the result from a partnership between Hong Kong real estate developer Melco International Developer (and its integrated resort subsidiary Melco Resorts & Entertainment) and its Cypriot partner The Cyprus Phassouri (Zakaki) (part of the larger group of companies CNS Group).

Melco had also originally partnered with Florida-based casino and café chain operator Hard Rock International, to submit their application to the Cypriot government for the development and operation of an integrated resort on the island. The two major companies together with their local partner were actually the only applicant for the casino license. The Cypriot government selected the consortium as the preferred developer of the nation’s first casino resort in the fall of 2016.

Melco, Hard Rock, and their local partner obtained the necessary casino license in June 2017. Hard Rock announced its exit from the project on the very same day the license was issued, citing plans to explore different global expansion opportunities as the reason for its decision.

Under the terms of their license, Melco and Zakaki will develop an integrated resort in the city of Limassol as well as four slots-only satellite casinos in the capital Nicosia, Larnaca, Paphos, and the free Famagusta area. It is also important to note that a temporary casino will be operating in Limassol, while the main property is under construction.

Expected Benefits from the Integrated Resort

City of Dreams Mediterranean will boost Cyprus’ tourism product significantly as it will include facilities that have not been available in the tiny Mediterranean nation before, including a casino floor and dedicated MICE facilities.

According to forecasts, the resort will generate revenue of €700 million a year after its second year of operation, which accounts for 4% of Cyprus’ annual GDP. City of Dreams Mediterranean will also create 4,000 jobs during construction and 2,500 permanent full-time ones when operational.

The IRCC has previously revealed that its resort will be developed in a manner that mirrors and fits the island’s natural landscape and environment. Developers are also committed to following the “principles of sustainable development”, although it is yet to be seen in what manner.

Promoting Cyprus as a casino and conference destination, the new resort is expected to draw an additional of 300,000 international visitors annually. The IRCC has previously said that it would look to overcome seasonality. At present, the island sees its biggest international tourism traffic in the months between May and October.

According to information from the Cypriot Finance Ministry, there were 3,652,073 international tourists to visit the island nation in 2017. The figure posted reflected an increase of 14.6% from a year earlier.

The Statistical Service of the Republic of Cyprus reported last month that the amount of €2.583 billion was generated from tourism in the country in the eleven months between January and November 2017, up 11.7% from €2.313 billion recorded during the same period of 2016.

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